晨星：2025年全球投资展望报告（英文版）

In 2024, US stocks once again outpaced the rest of the world, rising over 25%, fueled by the strong performance of stocks that benefit from the AI boom and the prospect of lower interest rates. Yet, after the rally,valuations for US stocks appear expensive based on our stock-level valuation models and top-down expected return estimates. As we look for opportunities heading into 2025, our focus naturally shifts to regions outside the United States, where we believe investors may achieve better